Snow Driving Wheat Up

This is Matt Rice with the Market Line Report for Oct 6th. Wheat driving more demand to the commodities market, as snow in the North Country begins to play a factor. Let's go to Scott Shellady to hear more from the floor of the CME in Chicago.

Shellady "Wheat was kind of exciting, up 12 cents at one point. We've got a few good reasons for that, we've got some descent snows up in Saskatchewan in that upper Canadian region. That kind of set Minneapolis on fire a little bit, we've had some good movement higher in their wheat contract, which spilled over in the Chicago Wheat contract. So wheat getting a little bit of a boost because of weather, we'll blame that on weather. If you take a look at a chart, we set a yearly low the end of August beginning of September, you know it doesn't really look good."

Chicago March Wheat prices closed yesterday up 8 ¾, at 426. March corn ended the day dn ¾, at 357 ½. Portland prices for soft white wheat of Ordinary Protein for Jan. ended the day up 3 -5 ¾, ranging from 4-90 to 4-95 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for Jan. were up 12, ranging from 4-90 to 5-5. DNS wheat with 14 % protein, prices for Jan. were up 4 ¼, ranging from 6-27 ¼ to 6-42 ¼. Feb. Live Cattle were up 42 ½ cents, to finish the day at 103.60. Jan. Feeder cattle were dn 72 ½ cents, to close the day at 119.32 ½. Nov. class III milk was dn a penny at 15-22.